Our thoughts going forward and upcoming catalysts. At this point, the focus is on the sale of the core to Verizon and whether there could possibly be a cut to the valuation. Based on our conversations, we believe investors are estimating a possible cut in the $500m-$1b range; meanwhile, our calculations suggest that the stock is potentially baking in $1.6b. The key catalysts for the stock are the core sale and price, and potential tax efficiencies from the BABA stake.